Investors

NextEra with stronger financial results than expected, on 2Q

NextEra

NextEra Energy, the most valuable renewable energy companies in the U.S. reported its 2Q financial results this Friday; exceeding expectations and reaching strong financial and operational results.

Firstly, the company reported net income attributable to NextEra Energy on a GAAP basis of $256 million; or $0.13 per share, compared to $1,275 million, or $0.65 per share; for the second quarter of 2020. On an adjusted basis, NextEra Energy’s 2021 earnings for the second quarter were $1,395 million, or $0.71 per share; compared to $1,286 million, or $0.65 per share, in the second quarter of 2020.

Secondly, such financial performance was mainly due to further investments from the company to renewable energy; and to the boost in demand in the renewable market in the U.S. Nevertheless, this is not new for the company.

Thirdly, its investor base has been rising as countries and corporations move further away from fossil fuels. In fact, last year, for a brief period, ExxonMobil was the direct competitor for the company, by market value.

Also recommended for you: Shell confirms it will appeal The Hague climate ruling. Click here to read.

NextEra to pursue long term growth

Moreover, on the report, the company said its clean energy business added 1,840 megawatts (MW) of renewables and storage projects to its backlog in the second quarter. One of the new investments was the Florida Power & Light (FPL), its largest utility business. It helped the unit add an average of 78,400 customers and increase profit by 9.4% in the second quarter.

In addition, about FPL, Jim Robo, CEO, said. “FPL continues to focus on delivering an outstanding value proposition of low bills, high reliability; and also, outstanding customer service and clean energy solutions. During the quarter, FPL surpassed 40% completion of its groundbreaking ’30-by-30′ plan. FPL expects to have installed more than 15 million panels by early 2022; which would put us more than 50% of the way toward completing our ’30-by-30′ plan in just over three years since we initially announced the initiative.”

On the other hand, NextEra Energy’s long-term financial expectations remain unchanged, according to the statement. For 2021, NextEra Energy expects adjusted earnings per share to be in the range of $2.40 to $2.54; while for 2022 and 2023, NextEra Energy expects to grow 6% to 8% off the expected 2021 adjusted earnings per share. By 2022 and 2023, this translates to an expected adjusted earnings per share range of $2.55 to $2.75 and $2.77 to $2.97, respectively.

Finally, Robo concluded. “We remain as enthusiastic as ever about our long-term growth prospects; we will be disappointed if we are not able to deliver financial results at or near the top end of our adjusted earnings per share expectations; while at the same time maintaining our strong credit ratings and, most importantly, continuing to reliably deliver for our customers.”

Related posts

Heliox partners with Fermata Energy for bidirectional EV charger

editor

EQT expands its presence in Marcellus Shale with $2.9B

editor

GAF Energy completes Solar R&D And Manufacturing Facility

editor